Beijing September 2: A trader managing an account of the Chinese electronics company TCL Technology Group chairman Li Dongsheng, accidentally sold five million shares on Tuesday. According to reports, the gaffe took place due to the trader's classic 'fat finger' mistake. The sale was made at around 1 pm local time on Tuesday. The trader sold about $5.3 million shares of the company's chairman and reportedly brought them back after two hours.
Li said that the trader had input an incorrect stock ticker. According to reports, the trader sold the shares at the when the TCL shares jumped 5.6 percent, which is a record high. Later, Li also issued an apology for the trader's mistake. Some reports even claimed that Li promised to donate $44,000 back to the company.
TCL is a company which makes LCD panels. A fat-finger error is a keyboard input error or mouse misclick in the financial markets such as the stock market or foreign exchange market. The fat finger error can place an order to buy or sell shares of far greater size than intended.